SINGAPORE:Â Singapore has slipped to fourth place in the latest Global Financial Centres Index (GFCI), after being overtaken by Hong Kong, which now ranks third.
The GFCI, which evaluates the competitiveness of 133 financial centres globally, revealed that despite the drop, Singapore continues to perform well in key areas.
The report highlighted Singapore’s strong standing across several dimensions of competitiveness, ranking second in business environment, infrastructure, and financial sector development. In terms of overall reputation and general competitiveness, the city-state secured third place, while it ranked fourth in human capital.
In industry-specific rankings, Singapore excelled in several sectors. It placed second in professional services, government and regulatory, fintech, and trading.
The country also secured fifth place in investment management and landed seventh in banking and insurance, followed by eighth place in the broader finance sector.
Despite the drop in overall ranking, the report noted that Singapore remains the most globally diversified financial centre.
The findings also emphasized that Singaporeans are confident in the future competitiveness of their financial sector, showing optimism about its continued growth and resilience in the global market.